June 19th, 2023, marks a significant holiday in the US market as it honors Juneteenth. Similarly, on June 22nd, 2023, the HK market also observes a holiday. Additionally, the Chinese market remains closed on both June 22nd and 23rd, 2023. The following update contains predictions for US and Indian audience.
Important Event: Fed Chair Powell’s testimony has been scheduled for June 21st and June 22nd.
US Indices (S&P 500, Dow, Nasdaq, Russell)
The overall top of the market has been made in the previous week. In the current week, a mixed downtrend is indicated. DOW has resistance at 34800 and support at 33800. S&P500 has resistance at 4460 and support at 4350. NASDAQ has resistance at 15400 and support at 14900-14800. RUSSELL has resistance at 1922 and support at 1850. In the current week, indices could breach the mentioned support levels.
Last week, we took a short position in indices at the higher levels and booked partial profit before the US closing on Friday. It is suggested to cover the short position of indices by Tuesday’s UK opening. Wait for higher levels on Wednesday to take a short position in indices and hold this position for the next week.
Indian Indices (Nifty/Bank Nifty)
The market may close bearish in today’s session. The first half of Tuesday is lower. In the second half of Tuesday, a positive trend is indicated; closing may be higher. On Wednesday, the trend is mixed to positive. On Thursday-Friday, a downtrend is indicated. Positional resistance for Nifty (Spot) exists at 18950 & support exists at 18700. Bank Nifty (Spot) has resistance at 44400 and support at 43500.
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